Revision u/s 263 - Cash payments towards purchase of capital ...

PCIT's revision u/s 263 for cash payments on capital goods reversed; Section 40A(3) disallowance not applicable.

June 16, 2023

Case Laws Income Tax AT

Revision u/s 263 - Cash payments towards purchase of capital goods - Violation of the provisions of section 40A(3) - PCIT himself could have examined the impugned transactions and if he had done so, he would have come to know that the payments have been made for purchase of capital goods and disallowance could not have been made u/s 40A(3) of the Act as per the CBDT Circular - Additions deleted - AT

View Source

← Previous Next →

Revision u/s 263 - Cash payments towards purchase of capital ...

PCIT's revision u/s 263 for cash payments on capital goods reversed; Section 40A(3) disallowance not applicable.

June 16, 2023

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and...

ITAT ruled against PCIT's revision order under s.263 regarding unaccounted cash purchases of Rs.5,83,99,000/-. The Tribunal held that where AO had already estimated...

The Appellate Tribunal examined the validity of an order passed u/s 143(3) by the Assessing Officer (AO), which was revised by the Principal Commissioner of Income Tax...

Validity of an ex-parte revisionary order passed by the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act. The key points are: The PCIT passed...

In the ITAT Jaipur case, the issue revolved around a revision u/s 263 by CIT concerning the assessee's case under limited scrutiny u/s 143(3). The primary focus was on...

Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

Revision u/s 263 regarding claim of accommodation entry - reliance on statements of third parties. Timelines for completing assessment u/s 143(3). Assessing officer duly...

Disallowance u/s 40A(3) - transactions and payments made in cash - assessee filed affidavits from sub-contractors of assessee firm and they insisted for cash payments to...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

ITAT ruled against Principal CIT's revision under Section 263, finding the order procedurally flawed. The tribunal held that PCIT cannot delegate verification...

Disallowance of cash payments u/s 40A(3) - making additions by invoking the provisions of section 40A(3) of the Act amounts to double additions which is not permissible...

Revision u/s 263 by CIT - Wrong Capital gain computation as AO not examined the transaction by the angle of section 50C - in our considered view the view taken by the AO...

Quick Updates: